Magnitogorsk Iron and Steel Works announces consolidated financial statements for the 1st Quarter of 2007

OJSC Magnitogorsk Iron and Steel Works announces consolidated financial statements for the 1st Quarter of 2007, reported in accordance with generally accepted accounting rinciples in US (US GAAP).

The OJSC MMK Group's gross revenue in the Q1 of 2007 has grown 51.7% against the Q1 of 2006 figures totaling USD 1.845 billion.

The operating income has gone up to USD 449 million, a 53.8% growth on the Q1 of 2006, accounting for 24.3% of the gross revenue.

OJSC MMK's 2007 Q1 net income has grown 41.1% on the 2006 Q1 amounting to USD 350 million, or USD 0.034 per share, with the net income accounting for 19.0% of the revenue.

The 2007 Q1 EBITDA has reached USD 507 million, or 27.5% of the revenue. This represents an increase of USD 171 million, or 50.9%, on the 2006 Q1.